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Reis, Inc. Announces Bulk Sale of Lots and Debt Reductions

NEW YORK-(Business Wire)-September 4, 2008 - Reis, Inc. (NASDAQ:REIS) (“Reis” or the “Company”) today announced that it has completed the sale of eight partially improved lots, in a single transaction, to a regional homebuilder for $900,000 at the Orchards. The Orchards is the Company’s single family home development in East Lyme, Connecticut. All of the transaction proceeds were used to partially repay the project’s construction loan. Of the Company’s 161 residential lots in East Lyme, an aggregate of 33 homes and lots (25 homes and eight lots) have been sold to date.

Jeffrey H. Lynford, Chairman of Reis stated, “This sale is indicative of our goal to divest all of our real estate projects. We will continue to pursue bulk sales of lots in either a single or in multiple transactions such as this one, at both our East Lyme and Claverack projects.”

Separately, the Company announced that all construction-related debt at its Gold Peak condominium development project in Highlands Ranch, Colorado, was retired in August 2008 utilizing proceeds from condominium unit sales. The Company obtained this loan in April 2005 and had borrowed and repaid approximately $48,500,000 over the 40 month period that the loan was outstanding. As a result, the remaining 33 units are unencumbered and the net proceeds from sales of these units will be retained by the Company. A $2,000,000 liquidity reserve requirement was eliminated upon cancellation of the loan.

After the effects of the aforementioned items, total construction-related financing was approximately $5,400,000 and the remaining liquidity reserve requirement was reduced to approximately $4,700,000, all of which is related to the East Lyme loan.

About Reis

The Company was formed through a May 2007 merger between Reis, Inc., a Delaware company (“Private Reis”) and Wellsford Real Properties, Inc. (“Wellsford”). Reis carries on the businesses of Private Reis and Wellsford.

Private Reis was founded in 1980 as a provider of commercial real estate market information. Reis maintains a proprietary database containing detailed information on commercial real properties in neighborhoods and metropolitan markets throughout the U.S. The database contains information on apartment, retail, office and industrial properties and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess and quantify the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers and appraisers.

Reis’s flagship product is Reis SE, which provides online access to information and analytical tools designed to facilitate both debt and equity transactions. In addition to trend and forecast analysis at neighborhood and metropolitan levels, the product offers detailed building-specific information such as rents, vacancy rates and lease terms, property sale information, new construction listings and property valuation estimates. Reis SE is designed to meet the demand for timely and accurate information to support the decision-making of property owners, developers and builders, banks and non-bank lenders, and equity investors, all of whom require access to information on both the performance and pricing of assets, including detailed data on market transactions, supply and absorption. This information is critical to all aspects of valuing assets and financing their acquisition, development, and construction.

For more information regarding Reis’s products and services, visit www.reis.com.

Prior to the Merger, Wellsford was a public company operating as a real estate merchant banking firm which acquired, developed, financed and operated real properties and invested in private real estate companies. The Company’s primary operating activities immediately prior to the Merger were the development, construction and sale of its three residential projects and its approximate 23% ownership interest in Private Reis. The Company continues to develop, construct and sell these existing residential projects in an effort to ultimately exit this business in order to focus solely on the Reis Services business.

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